If you’re on the verge of a bathroom remodel, you’re probably wondering how much of an impact it carries on your home’s value. After all, a bathroom is one of the most important rooms in the house – and one of the most expensive to renovate.
So, what would you expect in terms of return on investment (ROI)?
According to Remodeling magazine’s 2020 Cost vs. Value report, the average ROI for a midrange bathroom remodel is 57.6%. That means if you spend $10,000 on your bathroom remodel, you could expect to see an increase in your home’s value of around $5,760.
For an upscale bathroom remodel, the average ROI is even higher at 60.2%.
Of course, these are just averages and your actual ROI will depend on a number of factors, including the scope of work, the quality of the materials used, the current condition of your bathroom, and the housing market in your area.
If you’re planning to sell your home soon, a bathroom remodel is a great way to boost its value and appeal to buyers. Even if there’s no immediate plan to sell, a well-designed and executed bathroom remodel can still add enjoyment and functionality to your daily life.
No matter what your reason for remodelling is, be sure to work with a reputable contractor who can help you create a bathroom that meets your needs and budget.
Why is a Bathroom Remodeling Project Crucial for Upping Your Home’s Value?
The bathroom is often one of the most used rooms in any home. Because of this, it tends to experience a lot of wear and tear over time. And if your bathroom is outdated or in poor condition, it can drag down the overall value of your home.
Also, a bathroom remodelling project is a great way to update an old or damaged bathroom and make it look and serve like new again. And when done correctly, a bathroom remodelling job can also increase the value of your home significantly.
Here are just a few reasons why:
- A Bathroom Remodel Can Make Your Home More Appealing to Buyers
If you’re planning to sell your home in the near future, a bathroom remodelling job is a reasonable proposition to make it more appealing to potential buyers.
In today’s market, many homebuyers are looking for homes that are move-in ready and don’t require any major renovations. If your bathroom is outdated or in poor condition, it could be a dealbreaker for some buyers.
By remodelling your bathroom space, you’d make it more attractive to buyers and help increase the overall value of your home.
- A Bathroom Remodel Can Help You Save Money in the Long Run
If your bathroom is outdated or not functioning properly, it could be costing you money in the long run. For example, if your shower is leaking or your toilet is constantly running, you could be wasting water – and money – every day.
By remodelling your bathroom, you can address any problems that are costing you money and make your bathroom more efficient. It’ll help you save money on your utility bills in the long run and add to the overall value of your home.
- A Bathroom Remodel Can Increase the Overall Square footage of Your Home
If you’re planning a major bathroom remodel, you may have the opportunity to increase the overall square footage of your home. For example, if you’re planning to add a new bathroom or expand an existing one, you could potentially add several hundred square feet to your home’s footprint.
This can be a great way to add value to your home – especially if you happen to be residing in an area where square footage is at a premium.
- A Bathroom Remodel Can Help You Update an Outdated Home
If your home is starting to feel dated, a bathroom remodel can be a great way to update it and bring it into the 21st century. By updating your bathroom, you can make your home feel more modern and stylish – and increase its value in the process.